I N V E S T O R U P D A T E Q 2, F Y

Transcription

1 I N V E S T O R U P D A T E Q 2, F Y

2 Disclaimer Safe Harbor: - Some information in this report may contain forward-looking statements. We have based these forward looking statements on our current beliefs, expectations and intentions as to facts, actions and events that will or may occur in the future. Such statements generally are identified by forward-looking words such as believe, plan, anticipate, continue, estimate, expect, may, will or other similar words. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We have chosen these assumptions or bases in good faith, and we believe that they are reasonable in all material respects. However, we caution you that forward-looking statements and assumed facts or basis almost always vary from actual results, and the differences between the results implied by the forward-looking statements and assumed facts or bases and actual results can be material, depending on the circumstances. You should also keep in mind that any forwardlooking statement made by us in this report or elsewhere speaks only as of the date on which we made it. New risks and uncertainties come up from time to time, and it is impossible for us to predict these events or how they may affect us. We have no duty to, and do not intend to, update or revise the forward-looking statements in this report after the date hereof. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in multiplex business due to the entry of new players, including those factors which may affect our cost advantage, lack of good quality content, onset of new technologies such as DTH, IPTV and increasing penetration of Home-video, which may impact overall industry growth, wage increases in India, real estate costs increases, delay or failure In handover of properties from real estate developers, the success of our subsidiary companies, withdrawal of entertainment tax exemption granted by government and general economic conditions affecting our industry. In light of these risks and uncertainties, any forward-looking statement made in this report or elsewhere may or may not occur and has to be understood and read along with this disclaimer. Others: In this report, the terms we, us, our, PVR, PVRL or the Company, unless otherwise implies, refer to PVR Limited ( PVR Limited ) and its subsidiaries. 2

3 Index Particulars Slide No. Screen Portfolio 4 Key Updates for the Quarter 5 Key Numbers 6 Consolidated Results 7 Standalone Results 8 Proforma Consolidated Exhibition Business 9 Financial Analysis Screen Opening Outlook FY Balance Sheet Content Pipeline

4 Screen Portfolio 156 cinemas 727 screens 165k seats Punjab 7 cinemas 39 screens Chandigarh 3 cinemas 15 screens Haryana 8 cinemas 29 screens Delhi 15 cinemas 50 screens Jammu & Kashmir 1 cinema 2 screens Uttarakhand 1 cinema 5 screens Uttar Pradesh 13 cinemas 62 screens Jharkhand 2 cinemas 7 screens 21 states & UTs 61 cities Screens by Region Region Screens % of total North % South % West % East 22 3% Rajasthan 2 cinemas 7 screens Total 727 Gujarat 13 cinemas 60 screens Madhya Pradesh 3 cinemas 11 screens Maharashtra 39 cinemas 162 screens Karnataka 14 cinemas 98 screens Kerala 3 cinemas 15 screens Telangana 8 cinemas 45 screens Andhra Pradesh 2 cinema 9 screens Pondicherry 1 cinemas 5 screens Tamil Nadu 13 cinemas 74 screens Assam 1 cinema 2 screens West Bengal 3 cinemas 13 screens Chhattisgarh 4 cinemas 17 screens Premium Format Screens Format Screens Gold Class 35 4DX 9 IMAX 8 PXL 5 Playhouse 4 Onyx 1 Total 62 4

5 Key Updates for the Quarter Acquired 71.7% stake in SPI Cinemas - a leading Multiplex chain in South India with 76 screens across 17 properties in 10 cities for consideration of INR crores; announced merger simultaneously for acquisition of balance shares Renewed non-exclusive agreements for ticket booking with Paytm and BookMyShow for 3 year term; entitled to receive INR 410 crores towards minimum guarantee and refundable security deposit. Received INR 350 crores upfront and balance within next 12 months Opened 34 screens till date in Vellore (5), Mysore (4), Bareilly (4), Chennai (15), Jammu (2) and Bangalore (4 1 ) Introduced world s first cinema LED to Indian patrons at PVR Onyx Promenade, Vasant Kunj- unparalleled picture quality, true colours, and greater vibrancy and accuracy Seat cancellation feature rolled out across all cinemas in October for customers booking through PVR Web/App and BookMyShow Note: [1] SPI Cinemas has opened a 4 screen cinema in Bangalore, Karnataka 5

6 Key Numbers 1 Q2, FY vs Q2, FY Admits Lacs Revenue 2 Lacs EBITDA 2 Lacs EBITDA Margin PAT 3 Lacs % 71, % 13, % 18.2% +110bps 3, % vs 187 vs 55,952 vs 9,572 vs 17.1% vs 2,517 Key Numbers 1 H1, FY Vs H1, FY Admits Lacs Revenue 2 Lacs EBITDA 2 Lacs EBITDA Margin PAT 3 Lacs % 1,41, % 27, % 19.2% +50bps 8, % vs 396 vs 1,21,255 vs 22,652 vs 18.7% vs 6,963 [1] Consolidated numbers include financials of SPI Cinemas post 17 th August, date on which transaction for acquisition of 71.7% stake was completed [2] Revenue and EBITDA includes other income [3] PAT is after reducing non-controlling interest 6

7 Consolidated Result Summary 1 Particulars (Rs Lacs) Q2, FY18-19 Q2, FY17-18 Growth H1, FY18-19 H1, FY17-18 Growth Income 71,465 55,952 28% 1,41,518 1,21,255 17% Expenses 2 58,454 46,380 26% 1,14,360 98,603 16% EBITDA 13,011 9,572 36% 27,158 22,652 20% EBITDA Margin 18.2% 17.1% 110 bps 19.2% 18.7% 50 bps Depreciation 4,478 3,572 25% 8,491 7,566 12% EBIT 8,533 6,000 42% 18,667 15,086 24% Finance Cost 3 2,982 2,071 44% 5,063 4,154 22% PBT 5,536 3,870 43% 13,571 10,873 25% Tax 2,116 1,398 51% 4,947 3,976 24% PAT 3,420 2,472 38% 8,624 6,897 25% PAT Margin 4.8% 4.4% 40 bps 6.1% 5.7% 40 bps Non-controlling interests PAT after adjustment of noncontrolling interests 3,302 2,517 31% 8,517 6,963 22% EPS - Basic (INR) % % EPS - Diluted (INR) % % Note: [1] Consolidated numbers include financials of SPI Cinemas post 17 th August, date on which transaction for acquisition of 71.7% stake was completed [2] Expenses include one-time expenditure of ~INR 500 Lacs in respect of SPI Acquisition, signing of BookMyShow/Paytm agreement and legal fees for F&B matter [3] Finance cost includes an amount of INR lacs due to accounting adjustment made pursuant to Ind AS 109 for income received in advance with respect to long-term agreement signed by the company with BookMyShow and Paytm 7

8 Standalone Result Summary Particulars (Rs Lacs) Q2, FY18-19 Q2, FY17-18 Growth H1, FY18-19 H1, FY17-18 Growth Income 65,267 53,634 22% 1,33,703 1,15,271 16% Expenses 1 53,746 44,343 21% 1,08,673 93,909 16% EBITDA 11,521 9,291 24% 25,030 21,362 17% EBITDA Margin 17.7% 17.3% 40 bps 18.7% 18.5% 20 bps Depreciation 3,849 3,383 14% 7,615 6,885 11% EBIT 7,672 5,908 30% 17,415 14,477 20% Finance Cost 2 2,691 2,060 31% 4,768 4,127 16% PBT 4,981 3,789 31% 12,647 10,291 23% Tax 1,896 1,404 35% 4,592 3,794 21% PAT 3,085 2,385 29% 8,055 6,497 24% EPS - Basic (INR) % % EPS - Diluted (INR) % % Location % % Screens % % Seats 1,43,053 1,36,272 5% 1,43,053 1,36,272 5% Footfalls (Lacs) % % Occupancy % 33.4% 29.6% 380 bps 34.7% 32.3% 240 bps ATP (Rs) % % SPH (Rs) % % Note: [1] Expenses include one-time expenditure of ~INR 500 Lacs towards SPI Acquisition, BookMyShow/Paytm agreement and fees for F&B matter [2] Finance cost includes an amount of INR due to accounting adjustment made pursuant to Ind AS 109 for income received in advance with respect to long-term contract signed by the company with BookMyShow and Paytm 8

9 Consolidated Exhibition Business Proforma Performance 1 Particulars (INR Lacs) Q2FY19 PVR SPI 2 Consolidated Income 65,267 5,247 70,514 Net Box Office 35,150 2,244 37,394 Food & Beverages 17,780 1,756 19,536 Advertising 7, ,114 Distribution Income Others 4, ,157 EBITDA 11,521 1,093 12,614 EBITDA Margin 17.7% 20.8% 17.9% Location Screens Seats 1,43,053 18,129 1,61,182 Footfalls (Lacs) Occupancy % 33.4% 54.7% 34.6% ATP (Rs) SPH (Rs) Note: [1] The proforma consolidated numbers shown above are just a line by line summation of the financials results and are shown only for presentation purposes [2] Financials of SPI Cinemas are for period post 17 th August, date on which transaction for acquisition of 71.7% stake was completed 9

10 Financial Analysis - Standalone Results 10

11 Revenue Analysis (Standalone) : Q2, FY18-19 vs Q2, FY17-18 Particulars (INR Lacs) Q2, FY18-19 Q2, FY17-18 % Change Comp Total Comp Total Comp Total Net Box Office 29,147 35,150 26,020 29,928 12% 17% Food & Beverages 14,766 17,780 12,398 14,226 19% 25% Advertising 6,562 7,782 5,910 6,877 11% 13% Convenience Income 1 2,590 2,806 1,253 1, % 90% Other Operating Income 1,172 1, % 59% Total Operating Income 54,238 64,836 46,349 53,337 17% 22% Other Income % Total 54,238 65,267 46,349 53,634 17% 22% [1] Convenience Income includes an accounting adjustment of INR lacs made pursuant to Ind AS 109 for income received in advance with respect to long-term contract signed with BookMyShow and Paytm Revenue Analysis (Standalone) : H1, FY18-19 vs H1, FY17-18 Particulars (INR Lacs) H1, FY18-19 H1, FY17-18 % Change Comp Total Comp Total Comp Total Net Box Office 60,667 73,641 55,888 64,261 9% 15% Food & Beverages 31,062 38,051 26,505 30,681 17% 24% Advertising 12,590 14,960 11,755 13,619 7% 10% Convenience Income 1 3,518 3,958 2,640 3,095 33% 28% Other Operating Income 2 2,128 2,427 2,898 3,064-27% -21% Total Operating Income 1,09,964 1,33,037 99,686 1,14,720 10% 16% Other Income % Total 1,09,964 1,33,703 99,686 1,15,271 10% 16% [1] Convenience Income includes an accounting adjustment of INR lacs made pursuant to Ind AS 109 for income received in advance with respect to long-term contract signed with BookMyShow and Paytm. [2] Other operating income in H1, FY17-18 includes government subsidy of INR 1,367 lacs provided by various state governments. In H1, FY18-19, this component has not been accounted for (except for the state of Rajasthan) due to lack of clarity on refund mechanism for the tax exemptions under GST regime. 11

12 Box Office Analysis Top 5 Movies Movie Q2, FY Q2, FY Admits (Lacs) Occupancy (%) NBOC (INR Lacs) Sanju ,039 Stree ,283 Gold ,486 Mission Impossible: Fallout ,208 Movie Toilet Ek Prem Katha Jab Harry Met Sejal Spiderman Homecoming Shubh Mangal Saavdhan Admits (Lacs) Occupancy (%) NBOC (INR Lacs) , , , ,365 Dhadak ,494 Mubarakan ,311 Total top ,508 Total top ,514 Content Mix (GBOC) 19% 21% 20% 22% 61% 57% Regional Hollywood Bollywood Top 5 movies contributed 44% to GBOC in Q2, FY18-19 as against 29% in Q2, FY17-18 Footfalls of top 5 movies in Q2, FY18-19 was higher by ~75% than top 5 movies in Q2, FY17-18 Q2FY19 Q2FY18 12

13 Box Office : Q2, FY18-19 vs Q2, FY17-18 Admits (Lacs) & Occupancy (%) ATP 1 (INR) 33.9% 29.9% 33.4% 29.6% 178 9% % % % 204 Q2, FY18-19 Q2, FY17-18 Q2, FY18-19 Q2, FY17-18 Comparable Total Q2, FY18-19 Q2, FY17-18 Q2, FY18-19 Q2, FY17-18 Comparable Total 29,147 Net Box Office (INR Lacs) 35,150 17% 29,928 12% 26,020 Film Hire (% of net) 44.7% 46.2% Q2, FY18-19 Q2, FY17-18 Q2, FY18-19 Q2, FY17-18 Comparable Total [1] ATP includes 3D Glasses upcharge Q2, FY18-19 Q2, FY17-18 % of net 13

14 Box Office : H1, FY18-19 vs H1, FY17-18 Admits (Lacs) & Occupancy (%) ATP 1 (INR) 34.1% 32.3% 34.7% 32.3% 358 5% % % % 209 H1, FY18-19 H1, FY17-18 H1, FY18-19 H1, FY17-18 Comparable Total H1, FY18-19 H1, FY17-18 H1, FY18-19 H1, FY17-18 Comparable Total 60,667 Net Box Office (INR Lacs) 73,641 15% 64,261 9% 55,888 Film Hire (% of net) 44.6% 44.8% H1, FY18-19 H1, FY17-18 H1, FY18-19 H1, FY17-18 Comparable Total [1] ATP includes 3D Glasses upcharge H1, FY18-19 H1, FY17-18 % of net 14

15 F&B: Q2, FY18-19 vs Q2, FY17-18 SPH (INR) Net F&B Revenue (INR Lacs) 17,780 14,766 25% 14, % % 91 19% 12,398 COGS (% of net) 26.7 % 26.1 % Q2, FY18-19 Q2, FY17-18 Q2, FY18-19 Q2, FY17-18 Comparable Total Q2, FY18-19 Q2, FY17-18 Q2, FY18-19 Q2, FY17-18 Comparable Total Q2, FY18-19 Q2, FY17-18 % of net F&B: H1, FY18-19 vs H1, FY17-18 SPH (INR) 91 3% % 89 Net F&B Revenue (INR Lacs) 38,051 31,062 24% 30,681 17% 26,505 COGS (% of net) 25.7 % 24.9% H1, FY18-19 H1, FY17-18 H1, FY18-19 H1, FY17-18 H1, FY18-19 H1, FY17-18 H1, FY18-19 H1, FY17-18 H1, FY18-19 H1, FY17-18 Comparable Total Comparable Total % of net 15

16 Sponsorship Revenues: Q2, FY18-19 Vs Q2, FY17-18 Sponsorship Income (INR Lacs) 6,562 7,782 11% 13% 5,910 6,877 Q2, FY18-19 Q2, FY17-18 Q2, FY18-19 Q2, FY17-18 Comparable Total Sponsorship Revenues: H1, FY18-19 vs H2, FY17-18 Sponsorship Income (INR Lacs) 12,590 7% 11,755 14,960 10% 13,619 H1, FY18-19 H1, FY17-18 H1, FY18-19 H1, FY17-18 Comparable Total 16

17 Expenditure Analysis : Q2, FY18-19 vs Q2, FY17-18 Particulars (INR Lacs) Q2, FY18-19 Q2, FY17-18 % Change Comp Total Comp Total Comp Total Personnel Expenses 5,960 6,736 4,967 5,499 20% 22% Rent 8,888 11,391 8,034 9,509 11% 20% Repair & Maintenance 2,204 2,664 1,692 1,959 30% 36% CAM & Electricity 6,007 7,391 5,628 6,536 7% 13% Other Expenses 4,617 5,096 2,901 3,293 59% 55% Total 27,677 33,278 23,222 26,796 19% 24% [1] Total expenses have increased by 4 % due to partial GST input tax credit loss on Food & Beverages sale [2] Expenses include one-time expenditure of ~INR 500 Lacs towards SPI Acquisition, BookMyShow/Paytm agreement and legal fees for F&B matter Expenditure Analysis : H1, FY18-19 vs H1, FY17-18 Particulars (INR Lacs) H1, FY18-19 H1, FY17-18 Growth Comp Total Comp Total Comp Total Personnel Expenses 12,251 13,954 10,810 11,889 13% 17% Rent 18,360 22,945 17,057 20,061 8% 14% Repair & Maintenance 3,995 4,841 3,826 4,403 4% 10% CAM & Electricity 12,048 14,693 11,891 13,718 1% 7% Other Expenses 8,715 9,626 6,701 7,405 30% 30% Total 55,370 66,059 50,284 57,476 10% 15% [1] Expenses include one-time expenditure of ~INR 500 Lacs towards SPI Acquisition, BookMyShow/Paytm agreement and fees for F&B matter 17

18 Screen Opening Outlook 18

19 Glimpse of PVR ICON: VR Mall, Chennai Click on any photo above for a glimpse of PVR Icon at VR Mall, Chennai 19

20 Screen Opening Outlook FY18-19 S.No Property City State Screens 1 Velocity Vellore Opened Vellore Tamil Nadu 5 2 Garuda Mall Mysore Karnataka 4 3 Phoenix Mall Bareilly Uttar Pradesh 4 4 SKLS Mall, Red Hills Chennai Tamil Nadu 5 5 VR Mall Chennai Tamil Nadu 10 6 KC Mall Jammu J&K 2 7 SPI Aura Cinema Bangalore Karnataka 4 SUB-TOTAL 34 Expected to open in Q3FY19 8 Ansal Plaza, Near Pari Chowk Delhi NCR Uttar Pradesh 4 9 Venus Mall, Golghar Gorakhpur Uttar Pradesh 4 10 L&T Mall, Errum Manzil Hyderabad Telangana 7 11 Kirti Mall, Navi Peth Jalgaon Maharashtra 3 12 Maruti Solaris, GIDC Anand Gujarat 4 SUB-TOTAL 22 Expected to open in Q4FY19 13 Vegas Mall, Dwarka Delhi NCR Delhi SPI Preston Mall Hyderabad Telangana 4 15 ECR Mall, Chennai Chennai Tamil Nadu Suraj Chand Tara, City Centre Amritsar Punjab 6 17 City Center Mall, Ganeshguri Guwahati Assam 5 18 L&T Mussaram Bagh Hyderabad Telangana 6 SUB-TOTAL 43 Total 99 [1] Properties highlighted in blue are operated by SPI cinemas Tier Wise Screens Tier I 62 Tier II 30 Tier III 7 Total 99 Region Wise Screens South 55 North 32 West 7 East 5 Total 99 20

21 Balance Sheet 21

22 Consolidated Balance Sheet Particulars (INR Lacs) 30 Sep Mar 18 Total Shareholder funds 1,39,557 1,07,617 Equity share capital 4,674 4,674 Other equity 1,34,883 1,02,943 Total Debt 1,32,717 83,051 Long Term Borrowings 1,17,621 73,068 Short Term Borrowings 15,096 9,983 Other Non Current Liabilities 34,494 1,060 Total Sources of Funds 3,06,768 1,91,728 Fixed Assets 2,11,263 1,69,154 Goodwill SPI Acquisition 71,594 - Financial assets 24,242 23,431 Other Non Current Assets 23,365 12,516 Cash & Cash Equivalents 11,813 3,385 Current Assets 30,503 26,398 Less: Current Liabilities 66,012 43,156 Net Current Assets -35,509-16,758 Total Assets 3,06,768 1,91,728 Gross debt/ Equity (Consolidated) D/E ,32,717 83,051 1,39,513 1,07, Sep'18 31 Mar'18 Equity (INR lacs) Gross Debt (INR lacs) Particulars (INR Lacs) 30 Sep Mar 18 Change Total Gross Debt 1 1,32,717 83,051 49,666 Cash & Cash Equivalents 11,813 3,385 8,428 Net Debt 1,20,904 79,666 41,238 [1] Debt includes debt pertaining SPI of INR 15,322 Lacs 22

23 Content Pipeline 23

24 Oct 18 & Nov 18 GOOSEBUMPS 2: HAUNTED HALLOWEEN (4DX) Madison Iseman, Wendi McLendon-Covey Ari Sandel 5 WEDDINGS Nargis Fakhri, Rajkummar Rao, Bo Derek Namrata Singh Gujral BAAZAAR Radhika Apte, Saif Ali Khan, Chitrangda Singh Gauravv K. Chawla 26 OCT OCT OCT 18 RANJHA REFUGEE (PUNJABI) Karamjit Anmol, Saanvi Dhiman, Roshan Prince Avtar Singh 26 OCT 18 THE NUTCRACKER AND THE FOUR REALMS Mackenzie Foy, Keira Knightley, Helen Mirren Lasse Hallström, Joe Johnston 02 NOV 18 SARKAR (TAMIL) Joseph Vijay, Varalaxmi Sarathkumar, Keerthi Suresh A.R. Murugadoss 06 NOV 18 24

25 Nov 18 ANI... DR. KASHINATH GHANEKAR Subodh Bhave, Sonali Kulkarni, Sumeet Raghvan Abhijeet Deshpande THUGS OF HINDOSTAN (IMAX) Amitabh Bachchan, Aamir Khan, Katrina Kaif Vijay Krishna Acharya THE GRINCH (4DX) Benedict Cumberbatch, Rashida Jones, Angela Lansbury Yarrow Cheney, Scott Mosier 07 NOV NOV NOV 18 FANTASTIC BEASTS: THE CRIMES OF GRINDELWALD (3D / IMAX/ 4DX) Eddie Redmayne, Katherine Waterston BOY ERASED Lucas Hedges, Nicole Kidman, Joel Edgerton Joel Edgerton PIHU Pihu Myra Vishwakarma, Prerna Vishwakarma Kapri Vinod David Yates 16 NOV NOV NOV 18 25

26 Nov 18 & Dec 18 RALPH BREAKS THE INTERNET (3D / IMAX/ 4DX) Kristen Bell, Gal Gadot, Mandy Moore Phil Johnston, Rich Moore 23 NOV 18 MARD KO DARD NAHIN HOTA Abhimanyu Dasani, Gulshan Devaiah, Radhika Madan Vasan Bala 23 NOV Rajinikanth, Akshay Kumar, Amy Jackson S. Shankar 29 NOV 18 CREED II Tessa Thompson, Sylvester Stallone, Michael B. Jordan Steven Caple Jr. TOTAL DHAMAAL Ajay Devgn, Anil Kapoor, Madhuri Dixit Indra Kumar THE FRONT RUNNER Molly Ephraim, Hugh Jackman, Vera Farmiga Jason Reitman 30 NOV DEC DEC 18 26

27 Dec 18 SPIDER-MAN: INTO THE SPIDER VERSE (3D/ 4DX) Nicolas Cage, Hailee Steinfeld Bob Persichetti, Peter Ramsey 14 DEC 18 MORTAL ENGINES (IMAX/4DX) Hera Hilmar, Hugo Weaving, Robert Sheehan Christian Rivers 14 DEC 18 BUMBLEBEE (3D/4DX) Justin Theroux, Hailee Steinfeld, Angela Bassett Travis Knight 21 DEC 18 ZERO Shahrukh Khan, Katrina Kaif, Anushka Sharma Aanand L. Rai THE AQUAMAN (IMAX / 4DX) Amber Heard, Jason Momoa, Nicole Kidman James Wan SIMMBA Ranveer Singh, Sara Ali Khan, Sonu Sood Rohit Shetty 21 DEC DEC DEC 18 27

28 Dec 18 & Jan 19 URI: THE SURGICAL STRIKE Vicky Kaushal, Yami Gautam, Paresh Rawal Aditya Dhar THACKERAY Nawazuddin Siddiqui, Abdul Quadir Amin, Laxman Singh Rajput Abhijit Panse SUPER 30 Hrithik Roshan, Mohammed Zeeshan Ayyub, Ritvik Sahore Vikas Bahl 11 JAN JAN JAN 19 MANIKARNIKA : THE QUEEN OF JHAANSI Kangana Ranaut, Edward Sonnenblick, Danny Denzongpa Radha Krishna Jagarlamudi CHEAT INDIA Shreya Dhanwanthary, Emraan Hashmi Soumik Sen 25 JAN JAN 19 28

29 THANK YOU 29